Tata Consultancy Services (TCS), an information technology enterprise based in Mumbai, India, has announced the launch of a new blockchain loyalty platform for its customers.
Loyalty platforms are becoming increasingly popular, as they promote customer engagement, and boost traffic towards services. This is why TCS decided to launch its R3’s Corda blockchain platform.
Blockchain loyalty platform
Blockchain loyalty platforms are a relatively new phenomenon. Nonetheless, the versatility of non-fungible tokens (NFT) has made blockchain-based platforms rather interesting for enterprises.
TCS decided to create its loyalty platform with the help of the R3 Corda blockchain. This allows the company to combine already existing loyalty programs, and make one big network for its customers.
One of the main goals of this project is to facilitate an easy way for customers to interact with the loyalty campaigns of different brands and TCS partners. This is where NFTs become very handy, as they offer a unified reward asset, which can be traded between individuals and participating brands.
Loyalty programs globally
Recent research by KPMG, a global audit and advisory enterprise, revealed that customers in the United States are becoming increasingly aware of blockchain loyalty platforms and programs. The report concludes that such reward mechanisms are going to become globally recognized.
In tune with these findings, TCS is looking to revolutionize reward programs by bringing in blockchain technology. This innovation allows TCS to combine loyalty programs from numerous partnering brands and bring them to the end customer on a single platform.